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New Income Taxes for Government Employees 2022

Those who earn one lakh will pay a 2.5 % income Tax

New income tax proposals have come up for the salaried class in which those with a monthly income of Rs 50,000 have been given tax exemption while the proposal of tax exemption on those earning up to Rs 100,000 has been withdrawn.

According to the budget document, a monthly salary of Rs. 100,000 will be taxed at 2.5%.

Those employees who earn more than one lakh will pay a fixed 15000 rupees as tax.

According to the documents, a monthly salary of Rs 2 lakh to 3 lakh will be Rs 165,000 per annum while 20 percent monthly tax will be levied.

The documents further state that a monthly salary of Rs 300,000 to Rs 500,000 will incur an annual tax of Rs 450,000, while an additional amount of Rs 300,000 will incur a 25 percent monthly tax.

Similarly, a salary of Rs 5 to 10 lakh will be subject to an annual tax of Rs 10 lakh and an additional amount of Rs 5 lakh will be subject to 32.5 percent monthly tax.

According to the documents, those earning more than Rs 10 lakh will be taxed at Rs 29 lakh per annum, and those earning more than Rs 10 lakh will be taxed at 35 percent.

According to sources, the fixed tax will be abolished from June 30, 2023.

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